Report Digest

Global Smart Plug Market: Overview

Smart plugs, having myriad uses, can form versatile building blocks of smart homes. Controlled remotely by a mobile app or a home automation smart hub, a smart plug allows users to turn on and off any appliance that plugs into a standard wall socket. Some plugs can even be programmed so that they can automatically turn on or off on particular times or depending upon certain events.

A smart plug plugs right into an ordinary outlet and has its own outlet too. Hence, it is like an outlet extension. Given the rising popularity of smart homes, the global market for smart plug is slated to see skyrocketing growth in the years to come.

Global Smart Plug Market: Key Trends

A number of factors are slated to have positive impact on the demand for smart plugs in the foreseeable future. Among them, the rising demand for energy-efficient household appliances, will likely have maximum effect in propelling demand. Besides, smart plugs are also cheaper than built-in smart appliances. This is also pushing up their swift adoption.

In order to facilitate higher sales of their products, manufacturers and distributers are promoting smart plugs through different exhibitions, digital marketing campaigns, and other initiatives. This is also stoking growth in the market along with continued product development which will result in a plethora of smart plugs with cutting-edge software and technology being launched in the market in the near future.

Global Smart Plug Market: Market Potential

The global market for smart homes, progressing by gigantic strides, is slated to create tremendous opportunity in the smart plugs market too. Already, the market is inundated with innovative products such as Wi-fi smart plugs. Further, smart plug works with both Amazon’s Alexa and Google’s Assistant. That means you can use the Smart Plug to convert an item in your home into a voice-controlled appliance.

The main end-use segment in the smart plug market is residential end users. They account for maximum sales as smart plugs cost them less than built-in smart appliances.

Depending upon the stages in technology adoption, the global market for smart plug can be segmented into innovators, early adopters, and early majority. Of them, the early majority hold the dominant market share and will continue doing so in the years to come as well. This is because people in the early majority segment such as tech-savvy consumers and small businesses are passionate and knowledgeable about the product and hence invest in those.

Global Smart Plug Market: Regional Outlook

From a geographical standpoint, the Americas has been outpacing all other regions in terms of growth rate in the global market for smart plugs. Factors bringing about such progress in the sales has been the high acceptance of technologically advanced products among customers and the average disposable income of the population. Europe too is a crucial market on account of the same reasons.

Global Smart Plug Market: Competitive Analysis

Competition in the global market is both steep and diversified owing to the presence of numerous regional and international vendors across the globe. A large number of companies are heavily investing in research and developmental activities to develop innovative and high-quality products. Prominent names operating in the industry that have been profiled in the report are Belkin International, Etekcity, EDIMAX Technology, and Insteon

Forces defining present and estimated future state of the competitive landscape

Technological developments

Value chain and stakeholder analysis

The regional analysis covers:

North America

Latin America

Europe

Asia Pacific

Middle East and Africa

The vast market research data included in the study is the result of extensive primary and secondary research activities. Surveys, personal interviews, and inputs from industry experts form the crux of primary research activities and data collected from trade journals, industry databases, and reputable paid sources form the basis of secondary research. The report also includes a detailed qualitative and quantitative analysis of the market, with the help of information collected from market participants operating across key sectors of the market value chain. A separate analysis of macro- and micro-economic aspects, regulations, and trends influencing the overall development of the market is also included in the report.

Highlights of the report:

A detailed analysis of key segments of the market

Recent developments in the market’s competitive landscape

Detailed analysis of market segments up to second or third level of segmentation

Historical, current, and projected future valuation of the market in terms of revenue and/or volume

Key business strategies adopted by influential market vendors

Outline of the regulatory framework surrounding and governing numerous aspects of the market

Growth opportunities in emerging and established markets

Recommendations to market players to stay ahead of the competition

Note: Immense care has been taken to present data with the highest levels of accuracy in all TMRResearch reports. Nevertheless, recent developments related to market/vendor landscape may take time to reflect in the analysis.